Publication 536 - Net Operating Losses (Nols) For Individuals, Estates, And Trusts - 2005 Page 15
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19Table 1.
Worksheet for NOL Carryover From 2005 to 2006 (For an NOL Year Before 2005)*
For Use by Individuals, Estates, and Trusts (Keep for your records.)
See the instructions under NOL Carryover From 2005 to 2006.
NOL YEAR:
USE YOUR 2005 FORM 1040 (OR FORM 1041) TO COMPLETE THIS WORKSHEET:
1. Enter as a positive number your NOL deduction for the NOL year entered above from line 21 (Form
1040) or line 15a (Form 1041)
2. Enter your taxable income without the NOL deduction for 2005 (See instructions.)
3. Enter as a positive number any net capital loss deduction
4.
Enter as a positive number any gain excluded on the sale or exchange of qualified small business stock
5.
Enter any adjustments to your adjusted gross income (see instructions)
6.
Enter any adjustments to your itemized deductions from line 37 or line 41 (see instructions)
7.
Enter your deduction for exemptions from line 42 (Form 1040) or line 20 (Form 1041)
8.
Modified taxable income. Combine lines 2 through 7. Enter the result (but not less than zero)
9.
NOL carryover to 2006. Subtract line 8 from line 1. Enter the result (but not less than zero) here
and on the “other income” line of Form 1040 (or the line on Form 1041 for deductions NOT subject
to the 2% floor) in 2006
ADJUSTMENTS TO ITEMIZED DEDUCTIONS (INDIVIDUALS ONLY):
10.
Enter your adjusted gross income without the NOL deduction for the NOL year entered above or
later years. (See instructions.)
11.
Combine lines 3, 4, and 5 above
12.
Modified adjusted gross income. Combine lines 10 and 11 above
ADJUSTMENT TO MEDICAL EXPENSES:
13.
Enter your medical expenses from Schedule A (Form 1040), line 4
14.
Enter your medical expenses from Schedule A (Form 1040), line 1
15.
Multiply line 12 above by 7.5% (.075)
16.
Subtract line 15 from line 14. Enter the result (but not less than zero)
17.
Subtract line 16 from line 13
ADJUSTMENT TO CHARITABLE CONTRIBUTIONS:
18.
Enter your charitable contributions deduction from Schedule A (Form 1040), line 18
19.
Refigure your charitable contributions deduction using line 12 above as your adjusted gross income.
(See instructions)
20.
Subtract line 19 from line 18
ADJUSTMENT TO CASUALTY AND THEFT LOSSES:
21.
Enter your casualty and theft losses from Form 4684, line 18
22. Enter your casualty and theft losses from Form 4684, line 16
23.
Multiply line 12 above by 10% (.10)
24.
Subtract line 23 from line 22. Enter the result (but not less than zero)
25.
Subtract line 24 from line 21
ADJUSTMENT TO MISCELLANEOUS DEDUCTIONS:
26.
Enter your miscellaneous deductions from Schedule A (Form 1040), line 26
27. Enter your miscellaneous deductions from Schedule A (Form 1040), line 23
28.
Multiply line 12 above by 2% (.02)
29.
Subtract line 28 from line 27. Enter the result (but not less than zero)
30.
Subtract line 29 from line 26
TENTATIVE TOTAL ADJUSTMENT:
31.
Combine lines 17, 20, 25, and 30, and enter the result here. If line 12 above is $145,950 or less
($72,975 or less if married filing separately), also enter the result on line 6 above and stop here.
Otherwise, go to line 32
*Note: If you choose to waive the carryback period, and instead you choose to only carry your 2005 NOL forward, use Schedule A, Form 1045
to compute your 2005 NOL that will be carried over to 2006. Report your 2005 NOL from line 27, Schedule A, Form 1045 on the “other
income” line of your 2006 Form 1040 or the line on Form 1041 for deductions NOT subject to the 2% floor in 2006.
Page 15
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